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tv   Varney Company  FOX Business  January 24, 2013 9:20am-11:00am EST

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>> it's 18 after the hour here on the "imus in the morning" progr program. stuart varney is next, both on tv and on the radio, warren zebon would have been 76. ♪ ♪
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♪ imus in the morning ♪ >> good morning, everyone. are you ready for a real jobs recovery? a manufacturing comeback? are you ready for real energy independence? we can see it today on the horizon. progress on pipeline approval. progress on fracking regulation, that means more american oil and more natural gas. build the pipeline and here come the jobs at no anything to the taxpayers. environmentalists hate it, but maybe, just maybe the americans will win this one. >> and we're close to a market high and "varney & company" is about to begin. n't know it ye, but they' gonna fall in love, get married, have a couple of kids,
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[ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade.
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>> good morning, everyone.
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we've been talking about apple losing its school for quite a while now and last night we got some proof. less money coming in than expected. the stock, way and i mean way down. >> how about 459? yesterday we were talking about a holding the $500 mark and closed at 514. $459, that's not a good start. stuart: no, that's way, way down. and thanks, nicole, we've got to follow it all day. and netflix 4 million customers, you want to see a stock move on the upside. look at that, from 103 close to about 144 when the trading begins. i've he got two significant energy stories that mean a lot for your money. first off, a day after the governor of nebraska gave approval to the new route for the keystone pipeline, a bipartisan group of senators
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urged the president to sign on the plane, 53 senators, 9 democrats, and one of them is from arkansas. his energy story number two, in a positive move for fracking. chesapeake energy agreeing to let the epa into one of the sites to conduct strict tests on the ground water before and after drilling. i'm betting chesapeake energy would not agree he to this unless they knew they passed the test, all that have bodes pretty well for more energy production in this country. what do you think the left thinks of all of this, new drilling, fracking, democrat don peebles joins the company for the entire hour, ten o'clock eastern this morning. dp did you see this? i was on steven colbert. he went after me because i dared to suggest that the show "downton abbey" poses a threat to the left because it it of shows the rich in a positive light. >> along comes the show downtown abby rich people feature,
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generous, nice people, create jobs for heavens sake, classy, they've got style and we love them. that show is wildly popular. which poses a threat to the left, doesn't it? >> yes, it does. >> yes, it does, the popularity of "downton abbey" proves that america moves rich guys, the same way the popularity of breaking bad moves america loves meth dealers. [laughter] that's very good, it is funny and i'm laughing, i think that was a laugh track by the way, but i'm not backing down, not backing off. more about "downton abbey" and steven colbert in my take the next hour. and two names in tech, one down, one up, big movers we're following it for you, calling it a horse race, basically. here comes the opening bell. look, if you have copd like me,
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equality to two nokias and two research in motions at the loss in the value of those two companies. that's 10% for apple. we've got one number out earlier this morning, a good one for employment, 330,000 new jobless claims, that's an upbeat number. it's not goodbye any means, but it shows an improvement in the job market. all that have is the back drop he here. the real story this morning is going to be the price of apple when this markets gets going, all right. they're trading now, the dow likely to be up a little tiny bit. the nasdaq to apple, way, way down. and opening trend on the dow slightly higher, the dow is close to 13,800, wow, now it's up 11 points and close to 13-8. following stocks, and apple, less money coming in than expect, shares way below 500 bucks. here is a look where they are, and right after the opening bell right now, okay, we're up 458.
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that puts apple down 10% overnight, and that is a $55 drop. going the other way, netflix, it posed a surprise profit, avid 4 million customers worldwide and look at the stock clearly going the other way. a 37% gain with $38 run-up to 141 netflix. we told you today, news on energy, from from the fracking front. chesapeake energy inviting the epa to one of its sites for strict tests on ground water, fracking is when drillers pump water, sand and chemicals deep underground high pressure to break rocks allowing oil and gas to float to the surface. i don't expect that chesapeake stock is moving, but it's important for the company. >> it is important for the company, the company right now, the stock is up 1.1%. the oil is higher. the oil services index is lower and i'll see whether or not this
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particular company is bucking the trend, but the oil services index is lower, they're up 1.1%. it's interesting, because they're basically inviting the epa to come in and take a look and this will involve investigation, it will involve testing, water sampling because they want to move forward with it and they're not the only ones thinking of doing this. you also have another one, range resources that also may allow it to work with them closely. stuart: they want to frack, they want to drill deep and get that natural gas out. the epa may not want them to frack so they've invited them in to show them things are fine and dandy, important for america's energy independence in the future. thank you, nicole. the dow industrials, 13-8, there we are, remember, 14-160 is the all-time high. so you're 360 points away from the record. now, with all of this news of possible plans for cheaper energy, add to that a recovery in the housing market, add to that a stock market rally, for a
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moment, ignore politics. and i'm saying that we might have the makings of an economic recovery, a genuine recovery. joining us now is a recovery investment banker, carol roth wgn radio host. i really do see, put politics aside for a second and you really do, you've got the makings of an upbeat, an up tick in america's economy, do you see it my way? >> i see it your way, this is very good news. we're on that road, stuart. but we cannot put politics completely to the side. our road has lots of potholes, lots of road blocks and possibly has a lot of tolls along the way. so, i think the biggest threat to the recovery happens to be our own government. >> yes, but -- and i'm just suggesting that if we build that pipeline and if we allow more fracking, you could have an energy based jobs recovery, i know that those are big if's,
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but i think we could get it if we get the pipeline and more fracking. go ahead, last word to you on this one. >> right, right, we have that, but also on the other side, remember what's going on internationally. we have a race to the bottom in terms of a currency war. right now, the dollar is going to start to strengthen from my opinion and i think when that happens, a lot of the companies that export are going to be hit, they have really good years last year, and with the weak dollar so we have the energy going up, but potentially the exporters going down and then the wild card here is what is the government going to do with taxes, how does that affect business and consumer spending. so we're on that road, but the road is-- it needs a lot of pavement, stuart. hopefully our government will do the right thing by us. >> hopefully. >> stay there for a second, carol, i want your opinion on another news item. and we broke the story yesterday, union membership, it's way down. i've got some numbers for you, in all, 400,000 workers, less
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left the labor movement, gone, 400,000, the state of wisconsin lost 46,000, 13%. indiana, where a law passed last year that doesn't require workers to pay a union fee, still allows them to benefit from collective bargaining, that lost more than 56,000 union members in that state. down 18%. most of the municipal workers, by the way. and these are the lowest union levels since 1916, i believe. carol, it occurs to me that unions have a lot of political power at the moment, but they're sharply declining membership. >> they do. and you know, it's funny, i am he' the daughter of a union electrician so i've seen both sides of this story, and it used to be back in the day that the unions would add a lot of value to their members, that they would provide education and training and a union worker really alleded a lot of value. that hasn't happened so much in recent years and it's become a lot more politicized, and i think that workers are getting sick of that, and they want to be able to have the freedom to do whatever they want to do and
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understand that this is america, where a job is a privilege and not a right, and i think we'll continue to see that kind of decline unless the union realize they need to add something else to that equation, like training or benefits for members. stuart: i just don't see how you can maintain that level of political clout if you're losing membership and therefore losing union dues revenue, because the political clout is based on the money that comes in from the dues. i'm not sure they can hold that clout, what do you say. well, and not only the money that they have from the dues, but these strong voting base, right? a lot of reason certain favorable to union people get elected in states like illinois, the union have the members that go out and vote and support those candidates. it's not just a money issue, but it's a personnel issue and as they lose the money, a vicious cycle, we saw it in wisconsin and across the country.
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i think it's a continuing trend and i cannot wait to see it here in chicago and illinois. stuart: dream on and don't hold your breath. carol ross, thank you very much indeed. nokia down big, scrapping its dividend. nicole, how big are they down. >> scrapping its dividend the first time in 20 years, so really is a big move by the company and a big stock move. down 9.2% right now. of course the latest lumia phone has been good news, but six successive quarterly losses and that's not good news. trying to cut jobs and improve their cost controls, in order to beef up the balance sheet, but they've had a series of credit down grades. the ceo said listen, i want to take away this cloud that looms, there's liquidity concerns and this is why i'm doing it. stuart: i'm just going to update two of the big name stocks. netflix is now up 40%, nicole. 40%, and apple is down 11%. how about that? got to follow it, incredible,
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look at that. all right, thank you very much, everybody. time is money, so, 30 seconds worth of three stories, by the way, coming to you by way of california today. talk about fantasy island. jerry brown gives his state of the state address today and according to brown it's on the rebound and oh, by the way, the budget he says, is fixed. okay. remember the tarp program during the financial crisis? its former chief is leaving the bond firm pimco, he will consider a run for office in california as a republican. he says california has huge problems within our capacity to solve. and how would you like 100,000 bucks sitting on boards that rarely if ever meet? that was the corruption in belle, california and those are coming up on trial, fun while it lasted though. how old is too old to run for congress, 89 years old mike the new jersey senator frank lautenberg, considering a 6th
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term-- not 6th term, 6th year in office seriously, taking him up to 95, really? and louisiana senator david vitter is trying to stop it considering term limits in congress. he'll tell us about that 10:15 eastern time this morning. what did you think about term limits in congress? let us know on facebook and e-mail us, please, thursday morning, seven early movers, here we go. higher profits and disappointing outlook at the data storage company. melnox. and wift transportation is up big. disappointing from the flash memory maker sandisk, barely changed. terradyne makes chip making and down beat outlook. it's down 4%. better than expected forecast from the network equipment maker fx networks, it's up. and pose-it notes in your desk? most people do. 3-m make them. reports higher profits on strong
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sales and it's up today not by much. it's the world's biggest biotech it, better than expected forecast from amgen. moving up again, only just. dow is up. 13,800 is where the dow is right now. up next, a penny worth a million bucks. we have it for you and here is the question, why isn't gold taking off if everybody around the world keeps on printing money as they are? we have an unbiased gold watcher with us next. stay there. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everi'm with scottrade. me.
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>> read this carefully. 13,817 points, the dow is 350 away from the all-time record high. apple though, the big stock story today. we're watching very closely. it's now down 11%, 60 bucks lower at 453. we're also watching netflix, which is a huge winner.
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who would have thought overnight, a 41% gain. it's up 43 bucks at $146 a share. oil please, 95.98 going on 96 bucks per barrel, that means gas will go up again soon. why is gold not going through the roof, why not? our next guest has an unbiased opinion. he joins us now, here is david lucerne of coin establish your credentials, you don't trade this, not in the selling gold? >> i'm bringing information it the kn the-- >> and why is goaled not going through the roof when everybody on the planet is printing a ton of money? why not? >> you look at long-term.
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gold has done well in the last few years, however, there's they new news, we know we're going to have deficit spending and the other countries in the world are having problems with their economies, you'll see gold on a slight fluctuation trading now between 1600 and $1700 and it will be the attitude of most of the analysts we talked to is that it will be on a slow stair step up down a little up, but it will be a continuous upward trend over the next few years. >> no zoom, no to the moon unless we get some serious news like from the middle east, for example, that could work, would it? >> there could be momentary spikes from things like platinum may be affected when the mines in africa are shut down. with gold, a slow stair step up is what most people perceive. >> and you're happy-- that would be your opinion, would it? a slow step up? >> i would say so, there's no way they're going to stop the spending programs and it's like taking a lemon and squeezing it into a glass of water. when gold is the backing of the
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money. when you squeeze it into the glass of water you have a nice glass of lemonade. when you squeeze it into a swimming pool, what do you have? >> i want to move to your field. coins that have value, and can we put on the screen a coin, look at that, a beautiful thing, you don't get a very good sense of it, but it's on the screen. that's worth what, this is a million bucks? >> the current bid, offered by stacks-bowers, in an auction that's going to take place tonight. the current bid 2.2 million dollars. and this is no ordinary coin. this is the very first style of silver dollar made for the united states. it's a way for the country to announce its independence and own identity. stuart: ladies and gentlemen, now he's got some passion, look at him go, all right. 2 million bucks and was it, was that coin held by george washington?
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>> very possibly. stuart: in good shape. >> it's the finest note. the very, very top condition. this is like the finest of the first of the most exciting historical pieces that you could have for a numismatic item. this is something that someone will buy for millions of dollars and they will hold it for years, it's not a short-term thing, but then someone else will come along as the economy declines and the dollars have less purchasing power and look at this to store their wealth. stuart: you don't get a piece of that if it sells for 2.2 million? you're not on commission. >> no. also a nickel for sale in another company in april expected to bring 2 or 3 million dollars as well. this is what we do is cover this news of all of these different historical monetary items that people, collectors and investors. stuart: you had your commercial in the beginning of the interview, david, thank you, very interesting. >> love the way you do the news,
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stuart. stuart: appreciate it. if a store says pay what you can, would you pay? how much would you pay? a publicly traded company set up several restaurants where paying is an option. really? would you pay, if paying was an option? be back. [ male announcer ] where do you turn for legal matters?
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imus: >> okay. sports fans, if you buy season tickets for your favorite team do you think you deserve a refund if they are terrible? one sports team says yes. the arena football leagues orlando predators offering a new promotion. if the team fails to finish the season with a winning record, season ticket holders get refunds. we'll have more on this monday morning, the owner of the predators will join us here on this program monday. the panera bread program, a new pay what you can in boston. it has no cash registers or prices, just suggested donations and i want to bring nicole into this one and she voluntarily pays 5 or $6 for a cup of coffee and here you have panera bread saying come in, eat what you want and pay what you want. now, that's very interesting. and i think, here is what i think. i think people will pay full price because they'll be guilted and they don't want to say, i can't afford it, so i'm only going to give you a buck.
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that's what i think, go. >> i think i'm baffled. i think this is-- there's ways to take care of people who need food and i don't think this is the way. i think and from a business perspective, as a shareholder, if you're a shareholder and annoyed they may be spending over a million dollars to build this thing, give out free food. as a branding specialist, i was reading what the branding specialists say, they say almost the brand has no value and if ford gave away three trucks, don't you think your brand has value? last but not least, i'm the most compassionate people, i don't think that community caring for community. i think it will become chaos, it will become messy and it won't become a place that people who want to pay $5 and $10 want to go any longer, so, i'm not sure it will work. you know, it would work for time, like maybe a week, but i'm not sure that it would work for an extended period. >> nicole petallides, that was a
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slam, wasn't it? i mean, they're trying to do something nice. >> i think it's nice. i just don't think it's going to work. stuart: all right, well, we hear you. ill h'll never raise the subjec again, nicole petallides. the dow is 13,8. two major on the energy front the we're covering for you, shale oil, one company says bring it on, frack it. and keystone pipeline, a majority of senators say build it. one is from arkansas, he's a democrat and he's for the pipeline, and he's next.
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>> energy independence for america is inching closer. real jobs, high paid jobs, getting closer. a boost for the economy without the government spending a dime, getting closer. 53 senators, including nine departments wrote to president obama urging him to approve the pipeline bringing canada's oil to america. a big natural gas company opens books on fracking to the epa. the end result could be a lot more american natural gas production. think about that. jobs, cheap, reliable energy moving forward and a democrat senator pushing for it will join us in minutes. ♪ all right.
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as i said a moment ago, we'll be joined by one of the democrat senators who signed that letter to president obama urging approval of the keystone pipeline. he will be here ten past ten eastern this morning, this program. to the big board, close to an all-time record high. the dow is now at 13,834 #, up 55 points. to nicole, apple's numbers disappoint, and, boy, is that stock taking a downturn, go. >> oh, big time, down almost 10% right now at $463. out all the people who paid $700 for apple with high hopes of the iphone 5 and apple tv and the next latest product to see it disappoint. >> the soft story of the day, but another good one, surprise profit at netflix. >> right. this one you could faint, i mean, really, it's something to talk about here. adding the subscribers, they've
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been adding to the content, and while you can't get the latest, hottest movie on netflix, nobody cares. a lot of people do complain about that, but they have everything else and stocks included at 40%. >> that is the new york stock exchange rally again. now to davos, switzerland. liz with jamie dimon. liz? >> thank you, we appreciate it. sitting here with the ceo and president of jpmorgan, jamie dimon. i want your first reaction, just broken in the past hour that president obama will no , nomie the u.s. attorney as the head of the securities and exchange commission. you deal with that as a bank. what do you think? >> first, welcome, happy to be here with your viewers. >> thank you. >> i met mary joe white, and
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anyone who knows her at all, she's capable, confident, bright, tough, and perfect choice. >> also renominating richmond for a job that in the past you've been a little, at least, maybe contentious about her criticals, consumer protection agency. >> i was not critical, just part of the banking thing, completely separate to coordinate better. they did a great job, first of all, start from ground zero. i had a decent relationship with elizabeth warn. they came out a week or two ago, and they were good, thoughtful, and they did it quickly, and they didn't delay. they made progress, and i hope they continue to do that. >> jamie dimon is not ripping all regulations in the system, a little bit of a surprise because you are highly critical in some cases. >> that's a great misnomer. there are hundreds, maybe ten thousand rules coming out. supportive of oversight, higher capital, higher liquidity, and a
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consumer protection strengthen somewhere, but there's so many rules, global rules, and i picked out -- you can't find three people who agree to all of them. we were clear about certain ones not good. jpmorgan is fine, but it is what it is at this point. moving on. >> moving on. >> moving on. >> i look at all that you guys have been through in the past couple years, and the way davos works, you sit on panels, and i heard yesterday at the start of the panel about looking forward with the bank, there was a two-minute clip, and i heard this from bankers at a competitive bank who were defensive for you yesterday, running a two-minute piece that beat up on the banks. are they stopping the beating up of the bankers yet? >> first of all, i think the press can do whatever it wants. it's a free country. i believe that. doesn't mean i have to like it.
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they ran two minutes of unabating bashing of banks. it was inappropriate. >> you got angry. >> yeah, but i'm not angry at the people or you. i did tell the senior producer what i thought. they can do what they want, it's their right, but it was one-sided. >> did you feel you were the victim -- >> don't feel sorry for me, i'm completely fine. >> you say you are completely fine, but there's new compensation for you, chopped it in half after the so-called london wale trade that went south on a bet that was exotic. how's the relationship with the board right now in the wake of you cut in half? >> lost money, terrible thing. didn't hurt customers. it was not criminal. >> hurt shareholders. >> absolutely. i apologize to them. it was e -- supposed to be a portfolio hedge and went awry. it was terrible. my board, you know, i have a good relationship with, my board has to decide, weigh, and
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measure these things. one year performance, and we are building a great company, performance, systems, recruiting, marketing, all of those things, and it was a tough decision this year. how do you wage this terrible thing the with the good stuff. it was a record year and a lot of good stuff. i completely respect their decision. >> you guys are doing well; however, and i got a friend, a call from your phren and mien, charlie, and he said, ask jamie this because a good source of charlie's said there there's a e too big to fail bank that may break itself up voluntarily. is that you guys? >> no. >> no way? >> no. >> there's citi, bank of america, ubs. >> i don't know if it's true. i don't know where charlie got the information from, but, look, a lot of banks are looking, and even here, a lot of european banks look at their business models. they are changing the models, adjusting to rules, regulations, and you have seen banks make
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drastic decisions more than others. we are four businesses, all going very well. there's a lot of cross sell. we have good returns on capital. there's no reason for us to contemplate something like that. >> not spinning off an arm of jpmorgan. >> no. >> moving into the fed and treasury. jack lew, your thoughts on that? >> you know, i know jack a little bit, but capable, confident, bright, and, you know, i hope -- i hope he'll do a great job. i want him to, and we do what we can to help accomplish those objectives. >> the fed worked hard, for better or worse, putting liquidity in it, and the recent fed minutes indicated they could slow down or end quantitative easing by end of 2013 m do you think that happens, and how would that affect jpmorgan? >> not at all, really. >> at all? >> almost not at all. the fed, talking about 2007-2009, unbelievable stuff that stoppedded things from getting far worse.
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you know, at one point, they have to remove the stimulus or stop doing. what the fed needs now is good fiscal policy, not monetary policy. remove the stimulus when the country is growing, that's find. things will be fine. we'll all will happy. rely on their judgment. you know, if something happens that puts us in a recession. that's not fine. that hurts jpmorgan, the underlying economy, more than interest rates levels or anything else. >> we had a couple guests coming through here optimistic, the india conglomerate and a russian bank and a russian olagarch, all optimistic about the economy. are you? >> yes. the united states, the table is well set. businesses are in great shape, and by that i mean capable, plenty of cash, low leverage. large, medium, small, consumers back in shape, five million more
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working, buying cars, housing turned totally. >> totally? that's a strong statement. >> it won't get better in spite of the economy, but as long as it grows, a strong statement, that's true. more household formation, and looking at america, and look at other things, deepest capital markets in the world and most liquid so those things are great. >> can you give -- >> we need good policy. i think that policy could be a wet blanket on what i said. good policy would be something like the grand bargain, you know, however you talk about it, but rationale tax policy, tax reform, you know, reform -- the people believe in a long term entitlements. credible, believable reform. >> can you give the president credit or criticize him for the past four years or at least the stablization? where do you stand with your relationship with him? >> my relationship with the president is always fine. it was never fine. it was never good as people said
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or bad as people said, always had conversations and vice versa. we have to work with governments around the world, okay? the united states -- we try -- we want to be good citizens wherever we do business and try to help every country we're in. the united states did a lot of stuff to turn this around. he was part of that, geithner, and bush. they did the old american way, came punching the problem until they stopped deterioration. if you are here, most say america, because of the quick rapid strong action is in much better shape today than europe, and that's true. >> as we finish, waking up today, how -- if you rate how you feel waking up every day today opposed to the height of the eye sis in 2008, how would you say? >> repressed the height of the crisis. up every day, seven days a week
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at four or three, and you should know i was on the phone at one point with top officials at 3 30u a.m., working around the clock hard. >> things are better. >> much better than before, yeah. >> chairman and ceo of jpmorgan, we appreciate you coming on. >> liz, thank you. >> we'll have you again. >> pleasure to be here. >> back to you. >> many thanks inned deed. i want to show you the big board because it's going up again. down jones industrials 81 points higher. check your 401(k) because you are doing well. we are what now? 300 points changed from the record all time high. now i'm joined by don, the chairman and chief executive officer, big in real estate, an obama supporter, and i want thoughts, first of all, before we go to housing, thoughts on fracking and building the keystone pipeline because i think that could lay ground work for a solid american economic recovery, and you say?
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>> a big part of the recovery, of course, is based on energy independence, energy security for the country. you know, the barometer for me, i looked at the senators who signed on, primarily republicans, and i saw mark warner. he's a conscious of the democratic party when it comes down to business. >> one of the nine democrats who signed the letter -- senators who signed the letter to president obama saying go with the pipeline, please, approve it. mark warner was the key guy to you? >> yes, absolutely. also, virginia, the conservative state, but it's gone with obama twice. >> joining us now is one of the other democrats who signed that letter to the president. senator mark pryor, democrat from arkansas joining us, senator, welcome. >> thank you, thank you, and i do agree about mark warner. he's very, very pro-business. he really gets the economics of all of this, and he is someone that we definitely look to within the senate on economic issues. >> senator, we were surprised to
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see nine democrats in the senate asking the president to approve the keystone pipeline because the environmentalists hate this thing and do not want it built. i'm wondering why do you want it built in the face of fierce environmental opposition? >> well, i'm not sure that the environmentalists made a sound case on this. i mean, you know, there's been, i think, four and a half years worth of environmental studies on this. they are -- my feeling is they are going to build the pipeline, build is north south or east west, and if they go west, it's going to china. i would rather it be refined in the u.s. and burned in our engines. we know that meets u.s. environmental standards, and, you know, we have strong standards in the country. i think -- i don't know where the environmentalists come from, but it's been studied. these pipelines are safe. building pipelines for a hundred years. come on, you know, we can do this. it's a good thing for the u.s.. >> do you have insight into the
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president's current thinking on the issue? there was a report in the "new york post" couple monthings ago seeing lisa jackson of the epa was leaving because she believed president obama was in favor of building that pipeline. any update on that? do you think the president will sign this? >> you know, i don't have any more information than really you do. my sense is that he probably will sign it. i know that a lot of people were talking about this last year and saying he wanted to put this off after the election. also, we had to wait on nebraska. nebraska acted, and it's squarely in the administration's court at this point. you know, i hope he does. i really think it's a win-win-win across the board for the u.s. economy, and for a lot of different reasons, i think he needs to do this. >> senator, appreciate you being with us, sir. thank you very much. >> you bet, thank you. >> yes, sir. i want to take note of what's going on in the target, the s&p 500 is above 1500. the first time we've seen that
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since, tell me again? december of 2007. yeah. this is a stock market rally. it is very, very broad based, s&p right there actually at 1500, first time we've seen that in about five, almost -- five and a half years. the market is up. you have any comment? brief, though it may be? >> no, i think we're seeing an economic recovery. >> an obama supporter, do you think the market rally is because of president obama, go on, say it. >> no, i think in part it's rallying because of the uncertainty on certain issues is gone. we have a president for four years, and i think the president has done some good things to control and regulate our financial industry, and i think that's paying dividends. >> we'll talk taxes and tax rates in a moment. thank you very much, indeed. senator frank lawsuit pberg, -- lautenberg, my senator in new jersey, likely to run for another six year term. next, the senator who is calling
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for term limits, yes, term limits, there is a senator, and he's got an idea, and he's next. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. nothing.
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are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. >> southwest airlines, a lot of people like them, but profits lower reported yesterday. they blame higher fuel costs among other things. share price of southwest, and itt educational service, biggest for-profit college in the united states had a quarterly loss as
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fewer students signed up and jumped 30%. the stock down 14%. nokia strapping dividends, first time seen in 20 years, trying to save money. posted a profit in the fourth quarter, struggling in the competitive smart phone market, and the stock is down 7% on the news. irobot, products that clean homes and disarm bombs in war zones, not bad. will it have products in hospital? the fda cleared a remote robot to be used in hospitals. shares of irobot up nearly 5%. all right. who is too old for congress? find out in a moment.
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at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello?
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ally bank. your money needs an ally. >> how old is too old to be in congress? an 89 like new jersey senator who is considering running for another six year term in the senate. six years. he'll be 95 at the end of the next term in he wins. setting term limits in congress. senator, welcome to the program. good to see you, sir. >> thanks, sir, good to be with you. >> your proposal is that the house of representatives limited to three consecutive terms, and in the senate, two consecutive terms. >> correct. >> you need a constitutional amendment to do that, do you not? >> yes, we do. that's obviously a big hurdle, but it's not insurmountable. louisiana, in a democratic majority state legislature, we did it for the state legislature with a lot of public support
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and, of course, once it got on the ballot, it pass the overwhelmingly. we are trying to do the same thing nationally. i think -- >> if you did it, if you got this through -- >> yeah? >> it would change the nature of seniority, and a lifetime in -- it would change the structure of power. >> absolutely. that's the whole point to fundamentally change that. i think most americans, republicans and democrats, view congress in washington, d.c. as a different planet from the real world, and this is attempting to get us back to the real world and make the connection because there's a way to make a divide now. >> there is a counter argument. i am free as a voter to say i want senator lautenberg in for another six years. he is my choice. i have the right as an american to make that choice. what do you say to that? >> sure. well, first of all, term limits have been around forever, most notably on the presidency, around since the 30s, and that the most significant office in
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the united states. we limit our choices there. i think it's reasonable to limit it elsewhere. secondly, there's just political reality that that counterargument ignores, and, two things, part of that political rearlt, number one, there's an enormous electoral advantage. it's not an even playing field in the election. number two, there is the seniority system that you eluded to, and that is used by incumbents to make the arguments that their voters should keep them there, particularly when they gain seniority, and that really tilts the playing field as well. >> senator, we know you got a busy schedule, but we really thank you for taking time out to talk to us on an important topic. >> great to be with you. >> thank you, appreciate it. thank you. your thoughts on term limits and thoughts on frank lautenberg running at 89? >> i think both, i think they clearly, the senator running for reelection in 89 is indicative of the challenge that the country faces to be innovative
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and have new ideas. the fact that senators held that seat for so long. the challenge in congress, especially, and i give republicans actually credit for changing this, the challenge in the house of representatives, for example, is it is all seniority based. on the democratic side, you spend 20 years there before you have influence. in gingrich did the contract with america, he changed it. you have someone like paul ryan sharing a committee at a young age coming up with innovations and new ideas. i think, one, that they should -- the democrats should get rid of that seniority system and have the best qualified. you get someone who understands financing, well, they should serve on the budget committee, but, yeah, definitely, have term limits on the united states senate and house of representatives like the president so that we can keep coming up with new ideas. >> take forever to get there, of course. constitutional amendment is not an easy thing. >> a seven year process, but worth it. >> all right.
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don, thank you very much. stay there, please. i say the show, downton abbey is bad for the left because it portrays the left in a bad lite, and the left make fun of me for what i've been saying. this is next. >> the popularity of this show proves that america loves rich guys, the same way the popularity of "breaking bad" proves that america loves meth dealers.
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gold on a flight fluctuation trading from $69 to $1,700 and will be the attitude on most of the analysts we talked to that it will be on a slow stairstep, down a little, then it will be continuous upward trend over the next few years. stuart: an objective viewer of the gold market, gold will continue a slow trend of the. the price of gold, $16.69. it is not, it is down. check the markets. that is the. dow jones averages 70 points tire well above 13,800. now we see amazon stock. this might be an intraday high at the very least. how high and and my right? nicole: it is a new high for
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sure. 2%. so interesting. we talk about these guys competing with each other, amazon, apple, google, netflix, barnes and noble, a competing head to head from e readers. this one is about amazon acquiring technology company, this software company, they have been working with them. they have 17 languages, multiple voices, they tout natural voices and just another aggressive move to position themselves. stuart: amazon is up 7% this calendar year. that is three weeks, up 7%, big move for a big-name stock. whenever we address the issue of obamacare and the hidden costs we always think of this. >> we have to pass the bill so that you can find out what is in it. away from the fog of the controversy. stuart: irresistible. that was nancy pelosi and we are finding that your premiums are
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going up a lot. how much? a man with the answers coming on this program at 10:35 eastern. stuart: along comes this show downtown had become rich people prominently featured and their generous, they are nice people, they create jobs for heaven's sake. they have style land we love them. that show is wildly popular. which poses a threat to the left, doesn't it? >> yes it does. the popularity of downtown abby proves america loves rich guys. the same way the popularity of breaking that proves america's loves math dealers. stuart: steven colbert, the huffington those and many of is on the left have ridiculed me for what i set about downtown at the. here is my take. colbert was funny. he made me laugh. he said i was being ridiculous. i don't mind. inadvertently he gave point to a
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conservative opinion and on a leftist program that is always good. ridiculed does not make me back down. i am right. downtown at the's politics and the wild popularity of the show are a real problem for the left. here again is my point. downtown abby is about rich english aristocrats in a huge country 100 years ago. they are honest, sincere, caring, generous. the girl shakes hands with an irish radical who has just run off with his daughter. is white volunteers free medical care for life to the housekeeper. they are in short decent rich people. the show has acquired a huge american audience. how can this be? the costumes, acting and writing are superb and it is high end soap opera but it must be a shock to the left to find a show with nice generous rich people doing so well in the ratings. looking for the left today and you would think rich people are a pack of phoenix to do not pay
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their fair share. on how america seems to like them nonetheless. you are rich. i am sure you don't mind paying have your income to the government and i am sure you are one of those generous people who gives freely to your servants, aren't you? [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busser to waiter to chef before opening a restaurant specializing in fish and me from the great northwest. he'll start investing early, he'll find some good people to help guide him, nd he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. i had[ designer ]eeling enough of just covering up my moderate to severe plaque psoriasis.
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stuart: we talk about real estate being a bright spot in this economy, existing home sales that highest level in years, mortgage rates close to all-time lows, don peoples is a real-estate guy who knows what he's talking about. i say it housing market is doing nicely. a mainstay of this recovery. am i right? >> absolutely. right now supply is down. that is the only danger. there's not enough inventory. we will see new construction in markets like phoenix, miami already has significant new construction. new york city, washington d.c.. that will be the big risk here. can we get new inventory to move buyers into different housing product. stuart: i know you are not in a single-family home business. that is not your turf in real-estate. have been saying on this program that in my opinion the cheapest assets and the best long-term investment for real appreciation is a single-family home in a good neighborhood.
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am i right? >> absolutely. the best investment american can make. bonds better than stocks. you can live in it and use it while you watch your asset appreciate. my business does have something to do with single-family homes because we build condos and we are taking people out of single-family homes. stuart: which markets are you building in now? >> miami and new york city. we are reconstruction, creed development, reconstructed in both of those markets. we are anticipating 1 million square feet in manhattan and we are going to do a building in miami that is easily a billionaire's type building because it is four units, only 20 but they are going to sell hot numbers. stuart: what is the top number for a billionaire? >> it could be upwards of $20 million. kitchens on private swimming
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pools. stuart: rich people -- >> stimulate the economy. everyone working on the job, 100 or so employees are working, middle-class americans who are getting employment as a result of our ability to self-come people and one of the reason they are going to florida, why are they going to florida? they don't pay income tax. stuart: are your building project union free? >> some are. miami is a right to work state. we use union labor when it is the best qualified product. stuart: we appreciate that. i am going to move on to obamacare. most of the provisions do not kick in until next year but that has not stopped insurance companies from making us pay more for than now this year. joining us now, american health insurance plan spokesperson. i have three questions for you. if health-insurance premiums, the cost is going up, how much is it going up for those people
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who are individuals buying their own health insurance. what the in the you see this year? >> that is a good question and you are right. most of the reforms are going into effect in 2014 but one of the provisions we are talking about today is the $100 billion health insurance tax that starts in january of next year. next year and average family who is buying coverage in individual markets will be $300 more in premiums to pay for just that tax alone. stuart: that premium you are talking about, an average family buying their own insurance, giving me a dollar number here saving an extra $300 next year because of that tax. is that right? >> $300 for that tax, $6,000 over the next ten years and some people who wind policies right now that extend into next year are starting to see an impact of this tax on their premiums already. stuart: suppose i get my health
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insurance through my employer like a lot of people do. what extra costs are they going to have to pay because of the approaching obamacare? can you give me a dollar number? >> small businesses will see $350 more on just this tax alone. this is before the new benefit mandates people have to have and all the policies and other regulations that are going to further add to the cost of health care coverage. affordability needs to be a priority as we head into 2014. stuart: it is a minimum $350 for those getting their insurance through the employer minimum. >> just a tax. not much more than that. stuart: i think this obamacare pushes tens of millions of people into medicaid. do you agree with that? >> a lot of that will depend on whether states decide to expand your medicaid rules. all states do that, that is what the congressional budget office has estimated millions of people will move into medicaid but a lot of state estimating those
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efficient. stuart: we appreciate you being with us. i want our dollar numbers so everybody knows what is coming down the pike and i like those numbers you gave us. we appreciate that. next, an environmentalist who says president obama exaggerated how he characterized global warming in his inaugural address. plus a quiz. who said this? i am so tired of hearing that the rich are not paying their fair share of taxes. we are. the supervast majority of wealthy americans did not wake up every day and let's say how we can pay less than our fair share of taxes. that sound familiar? it does. the surprising answer who said it next. rpate a business. orrotect your family with a will or living trust. and you'd like the help of an attorney. at legalzoom a legal plan attorney is available in most states with every personalized document to answer questions. get started at today. and now you're protected. get started at today. ♪
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stuart: numbers out this morning may have helped the market. new claims for unemployment benefits down 330,000, lowest level since january of 2008. on the housing front, the 30-year freddie mac mortgage rate rose to 3.42%. not exactly a looming mortgage rate. dow industrials up 73 points. apple made a record $13.8 billion profit in 13 weeks, that is bad news. apple after earnings fell flat, weaker than analysts expected. the stock is down nearly 10%, down $50. analysts were predicting a loss for netflix. they were totally wrong.
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netflix reported any million dollar profit. it added a couple million subscribers in america and the stock is going to the moon, 37% higher, 141. back in a moment with don peebles.
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stuart: a good friend of "varney and company," at environmentalist's limburg response to how president obama addressed climate change in his
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inauguration speech, quote, global warming is a problem that needs fixing but exaggeration doesn't help and often detracts -- distracts us from simple, cheaper and smarter solutions. he is an obama supporter and i want to know, the president pushed hard on climate change, a big issue for him. i think that might mean a carbon tax. what do you think of a carbon tax? >> global warming is a real issue and what is the most of corn tissue of our time, the environment we live in. obviously we have to protect it. i think that is a possibility and probably something that may be effective. stuart: wouldn't do any good? >> if we could get bipartisan support, it could -- stuart: when it would lower carbon emissions in a miniscule, may be lower the temperature is your.1% over a longer period of time. it is just a fund of money. that is why -- that is what it
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is all about. >> those dollars would be used for other efforts to control and focus on changing climate. stuart: they would just fill government coffers with that the needed money. >> if that is the case they wouldn't be a good thing. stuart: when you are if in favor of carbon tax to raise money. >> i am not. i am in favor of it as a way of controlling, beginning to control global warming and giving resources to combat it. stuart: i want to bring you the answer to the quiz we brought you before the break. we asked who said this? i am quoting directly. i am so tired of hearing that the rich are not paying their fair share of taxes. yes we are. the supervast majority of wealthy americans and not wake up every day and let's see how we can they less than our fair share of taxes. to said that? don peebles and here he is, a obama supporter. you are an obama supporter, you were on this program gung-ho for the president's second term and he raises taxes, he raises tax rates on the rich. would you have to say? >> i thought the approach of how that went on in the debate
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throughout the campaign, the of the part of the campaign was frustrating because i did think that they created an environment of class warfare to agree. stuart: you oppose the president raising tax rate on the rich? >> i does anyone raising taxes at all in this economy right now while we are in the beginning of a recovery. stuart: that makes a republican. >> no doesn't. it makes me a democrat who disagrees with one aspect of the tax policy. stuart: show me a democrat, any democrat leader who says we don't want to raise taxes on anybody. >> mark warner would take a position that taxes -- you asked for one. i gave you one. stuart: when you no taxes are coming. senator schumer in new york said it. this is an opportunity to get more revenue. you know -- >> time against additional revenue, that is already, that ship has sailed. we need to be focusing on controlling spending, comprehensive reform on entitlements. stuart: i have a feeling this is
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a breakthrough. >> the way the tax increase took place is the republicans in the house of representatives voted for and approved it. had they not, there would be no tax increase at all. had they held firm with regard to -- stuart: when you are a republican. you are republican now. you are with republicans in the house. >> the debt ceiling, they could have the focus on entitlement reform. hopefully that is what we will do over the next 90 days. hard-working officials in the house and reform. stuart: come back and contradict the president any time you like. next a man who does business with microsoft sells software but is still critical of the company's the executive as am i. why can't microsoft be the one to challenge apple? what will it take? the man from microsoft is next. [ wind howls ]
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[ dog barks ] ♪
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♪ [ male announcer ] something powerful is coming. ♪ see it on february 3rd. ♪
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stuart: it looks like apple's pain is a gain for its competitors. tell me how. nicole: let's take a look at the competitors. research in motion, new multi-year high, apple is down 10%. seeing research in motion, google, yahoo! microsoft, amazon with the arrows, some of which are hitting multi-year highs.
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google isn't 1.8%, same with yahoo! and microsoft. our viewers -- stuart: thank you very much for that little plug. avalanche netflix making news today. we won't forget my favorite bourse stopper stock, microsoft. yesterday we had a former microsoft senior vice president talking about how they shake things up at microsoft. the company sells software to microsoft. i think you agree, i think you believe steve ballmer should go microsoft. is that correct? >> microsoft has an opportunity to become one of the most valuable companies, the most valuable company in the world and embrace generation cloud. people embrace devices differently. everyone at laptops, tablets, phones, microsoft has a chance to embrace a new generation. it is not doing -- it is not
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doing it fast enough. they have an opportunity, x box is one of the most successful product. the home pc of today. on the enterprise they have an incredible windows phone that should be targeted at replacing black berries while x box -- stuart: when you create software and selling and microsoft uses it. you are talking that microsoft, talking about a great opportunity. i want to talk -- i want to talk about the management. you may be unwilling to criticize steve palmer but i want to know what you really think. should they change direction at microsoft? >> bill gates changed the world by putting a desktop on every desk. they need a management team that understands generation clout and the value system that that entails and that is very different from what happened in the 80s and 90s. >> does the current management
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structure understand this cloud you are talking about? do they get it? >> they understand it but moving too slow. if you look at x box, doing the right things but don't have a sense of urgency. somebody needs to realize that the time is now and you can't wait years to embrace these new ideas and products. stuart: why isn't samsung giving apple a run for its money? microsoft as $70 billion in cash sitting around. >> they are making good investments. skype was a great investment. we use skype as a cloud based solution and in the future every solution will be cloud base. unit and have devices and hardware, it is going to be about the cloud and microsoft has a great strategy but they need to make that the number one strategy. they need to make enterprises where we play and consumers treat them differently do a great job with a x box product with home use and a circus
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tablet for enterprises with the needs of a few organizations moving to the cloud. stuart: interesting advice from microsoft. i am a stockholder moving the market and stock a little bit. >> hopefully it should. i've tripled my position based on what i am seeing. stuart: you should have put the front of the interview, would have given much more time. [talking over each other] stuart: $28 a share. we like that. thank you very much indeed. of highlight reel is next. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing.
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risk includes possible loss of principal. have given way to sleeping. tossing and turning where sleepless nights yield to restful sleep. and lunesta®(eszopiclone) can help you get there. like it has for so many people before. when taking lunesta, don't drive or operate machinery until you feel fully awake. walking, eating, driving, or engaging in other activities while asleep, without remembering it the next day, have been reported. lunesta should not be taken together with alcohol. abnormal behaviors may include aggressiveness,
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